Re:The Lightning Network: Turning Bitcoin into Money
by worik on Wednesday July 13, 2022 @03:50PM
(#32087913)
> As far as I know, every payment with Bitcoin triggers a taxable event?
tl:dr Unlikely
Unsure what the regime in your area does, but...
Here (Aotearoa) the tax authorities are not interested in rats and mice. I play in a rock band as a hobby. Occasionally we get paid ($300 is the most ever).
We had a promoter not pay us because we had "not given him the tax forms".
I contacted our tax authorities and was told, in no uncertain terms, if it is a hobby, if you are not making serious money, do not tell us about it. Please do not tell us.
We have a transaction tax here that merchants have to charge and pay, but only when their revenues top $50,000
So there are two data points that indicate that not every transaction incurs tax
tl:dr Unlikely
Unsure what the regime in your area does, but...
Here (Aotearoa) the tax authorities are not interested in rats and mice. I play in a rock band as a hobby. Occasionally we get paid ($300 is the most ever).
We had a promoter not pay us because we had "not given him the tax forms".
I contacted our tax authorities and was told, in no uncertain terms, if it is a hobby, if you are not making serious money, do not tell us about it. Please do not tell us.
We have a transaction tax here that merchants have to charge and pay, but only when their revenues top $50,000
So there are two data points that indicate that not every transaction incurs tax